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level: Impairment

Questions and Answers List

level questions: Impairment

QuestionAnswer
US GAAP Impairment Test: 1) General Rule 2) Exceptions and Rules1) Sum of Undiscounted CFs > CV = Impaired; Impairment = FV - CV 2) Intangible Assets with Indefinite Lives; FV - CV if negative is impairment/amount impaired If assets are held for sale, then add disposal costs to impairment loss
IFRS Impairment Test: 1) General Rule 2) Exceptions and Rules1) Higher of NRV or PVFCF = Recoverable Amt; RA - CV = Impairment Loss if Negative 2) No exceptions
Are reversals of impairment allowed?US GAAP: No (except if classified as a FA Held for Sale/Disposal) IFRS: Yes (except for Goodwill)
Evaluation of Goodwill for ImpairmentIN BOTH CASES GW CANNOT BE NEGATIVE US= Reporting Unit (Operating Segment) IFRS= Cash-bearing Unit Level (Smallest Identifiable)